Reverse mortgages steadily climb
When 75-year-old Susie Clingan, of Springfield, needed an additional source of steady income in 2006 to meet higher costs of living, she turned to her most valuable possession: her home.
Clingan took out a reverse mortgage from BancorpSouth, and though she declined to discuss actual figures, she appreciates the help with her budget.
“I don’t know what I’d do if I wasn’t receiving that money now,” she said. “I thought for sure I was going to have to give up something dear - and that was before I saw what gas was going to cost.”
With the shaky state of the economy - foreclosures were up 112 percent nationwide compared to a year ago, according to RealtyTrac, while consumer confidence is at a five-year low - many older homeowners are using home equity conversion mortgages, also called reverse mortgages, for income.
Post from: Reverse Mortgage Loan Blog
